nasdaq at 3675, up 50 points today. the s&p 500 at an all-time high of 1756, up 21 points, one and a quarter percent. the big jobs report out tomorrow. that's going to set the tone at the "closing bell" tomorrow. i'll see you then. stay with cnbc. "fast money" begins right now. live from the nasdaq market site in new york city's times square, i'm scott wapner. our traders tonight, guy adami, john na var yan, brian kelly and mike khouw. the s&p 500 closing above 1700 for the first time ever. small caps, mid caps the transport and industrials hitting record highs as august kicks off. the question we ask tonight is this, are you sticking with the hot summer rally or is it time to grab your beach bag a take a

vacation. first breaking news and we go to david faber. >> reporter: of course tomorrow morning is expected to be a vote on the fate of the dell deal. but the talks i can tell you between the between special committee and michael dell and his partner silver lake continuing tonight. the focus of these talks is about obtaining a higher bid for michael dell and silver lake in return for the exchange of the voting standard that they failed to get. sources close to the situation tell me the talks or -- the situation is fluid, tenuous but they that progress is being made. it's unclear what the bid will be. will it be 5 cents or perhaps more than that that the special committee will feel it's justified in eliminating or changing the voting standard so that it would make it very, very easy for michael dell and silver

lake to win that vote. also unclear if, in fact, they do get higher consideration would it simply be a straight cash bump or some sort of back end component, perhaps some sort of a dividend. again, many of those things unclear and still being discussed. nothing says it's going to happen but if, in fact, this vote is held tomorrow, most people believe michael dell and silver lake will fail to close on a deal that they started working on almost a year ago. aga again, sources say the focus now between the special committee and michael dell and silver lake is on a higher bid for them in return for a higher voting standard which would almost ensure that they get their deal done. >> david, there was some thought that they may have to get to 14 or so, right, to be able to change some of the rules they wanted to? all of this coming on the back drop of this suit from carl icahn to prevent them from changing the rules. >> i'm glad you mentioned it.

icahn continuing to put the pressure on with litigation in delawar delaware, trying to make sure that they don't do something like this. the special committee, in the many conversations i have had with people close to the situation, doesn't feel it's that far away from the situation where they could say, okay, we will give you that change so it will simply with an up or down vote. i don't know what that number is. it's not clear that they know what the number is. remember michael dell said a number of times 1375 is best and final. of course, if i had a dollar for every time i heard that and we saw them go higher in the end, i'd be a little wealthier. we'll see what happens. >> if there is any precedent for carl's suit could he be the fly in the ointment for dell and is it possible it's pushed off and

we don't get a resolution tomorrow? it's been delayed already twice. i wouldn't play it at this price, too risky. >> the stocking moving higher on david's reporting. if the talks are on going, tenuous as they may be at this point perhaps they do come to a higher price. >> i go with karen on this. 1320. i think the risk reward is so screwed to the downside. unless your one of the insiders on this and have an edge on this, this is a tough name to play and really, what are you going to make? 60 cents? >> since this vote is supposed to come down tomorrow, theoretically you could get a decision out of delaware related to the icahn suit at any time now. here forward we should be looking out for some sort of decision down there and what the parties may say subsequently as a result of that. >> i think, scott, just like k. fine said, to put a bow on it,

you wait and if this stock falls in the after hours, you buy it on that. for the last 60 cents, not worth it to play. but if for some reason people don't think a deal will get done -- and a deal will get done. if you can buy it at 11 bucks you have the upside. >> let's get back to our lead story tonight. that of course is this record setting market close. are you sticking with the summary rally or as we said is it time to grab your beach bag, umbrella, chair, whatever else you take to the beach. a kadema set -- >> a what? >> you know what that is. >> i swear to god i don't. we've talked about it and tuesday, the markets does not give you this kind of time to buy the lows and in this case sell the highs which is why you see moves like this today. it doesn't reverse today. as a matter of fact it closed on the highs which again leads me

to believe we have more room in this. a lot of people that i have the upmost respect for, guys like carter worth are talking about time to take money off the table. they might be right longer term but today's action gave me no indication of that. >> didn't the market in some respects give the strength of the close tell you it's okay to stay in the market here. the data today from not only overseas whether it was europe or china, the pmi is better, some described it was a blowout number and there was a fear as a result of that the fed was going to taper and not to mention the fact that jobless claims were down tomorrow ahead from tomorrow's number that it's not going to have a taper tantrum. >> i have not heard taper

tantrum. that's good. i think a lot of people think how can i not be in this market. this year is turning out to be so good how could they not be invested. i'm a hedge fund manager so i hedge. we saw the volatility index come in today, not as much as i hoped. i had to buy s&p puts and then we had good news after the close which would bode well for tomorrow. >> you know what was interesting about today actually is you had higher interest rates, significantly higher. >> 270 i think. >> and the market shrugged it off. i can lay out all the bear's cases but technically for me you're probably 1750. that's probably your next stop there. >> you dis respected the tape for a long time. let's be honest. when you put on a bear suit -- >> i haven't been short the market since the end of june.

>> but there's a difference between being short and not believing in the rally. maybe you were on the side lines. >> and i still made money. i was not -- i have 100 markets i can trade at any given day. that's a lot of different ways for me to play this. i would much rather be short the bond market here than long the u.s. stock impact. the bond market is an overvalued asset propped up by the federal reserve, to me that's a better reward. did i miss the rally in this particular market, absolutely. >> doc? >> i think you put more money to work. it's not because we a're cheerleading the market but i thought the aca, the pushing off of the affordable care act will have a dramatic impact on september highers. the september jobs report i'm looking for well north of 300,000. i think a lot of folks are looking ahead to things like

that. then you throw in positives like you mentioned about pmi and so forth. there are a lot of reasons to believe in what you're seeing here and i think we'll continue to ride this wave to the upside. >> bring in the gentleman sitting here. you may have seen him on the wide shot. tom lee is the chief equity strategist at jpmorgan. what do you make of where we are right here. 1700 for the first time on the s&p, not that long ago you upped your own target for the end of the year based on the se acceleration of the rally. >> it's great that we closed above a round number milestone. 1700 is a big number. all the points you guys made are pretty valid. i feel comfortable thinking you can buy the market today and still get pretty good returns into year end. because, one, i think there's data showing the u.s. is accelerating. obviously tomorrow is the most important number. i think the data is showing europe is improving. you got a case for higher

earnings and if people feel like earnings can go up they can raise the multiples. >> what about the issue of the taper in this regard, that when people know that it's coming, if the impact has done so well this year, investors have had great returns they make some money off the table. there's going to be turbulence, volatility. i'm going to lock in my gains. we just don't need it. >> the taper is going to have to address the question of position squaring. i think the market, the participants are way overweight fixed income. if they think interest rates are going up, i think that money comes out and hopefully goes into equities. you've got a case that the e could upset volatility in the pe. >> let's talk about that. earnings this quarter, we can

make a case of sort of a hodge-podge. i don't think it was particularly great or particularly poor. so if you wake up tomorrow and you buy the market here, are you betting on basically multiple expansion in the s&p 500 and if that's the case, what is the right multiple right now in the world we live in for the s&p? >> good question. in q 2 one of the things everybody might be surprised, 72% of companies generated better top line growth, the best number since q 112. i think the multiple people are showing to pay what they're paying for staples stock right now which is 18 to 20 times. if they are willing to bone bond-like stocks, maybe the cyclical market can -- >> what is your fear that this bullish would cause? >> we are we have the least

insight is asia. if we felt there was a deeper deceleration in china, that could put a lot of concerns out there. europe as important as it is and as helpful as it is, if we see something weakening in asia, it may be more than offsetting. >> is europe back do you think is this a lot of people are making those sort of statements that europe is now the place to invest, leave the u.s. even though it's been the best house, maybe the other houses are starting to get fixed up? >> we have had a lot of discussion about this today internally. i think europe is tracking towards acceleration. 100, 200 basis points better than the first half, basically exiting recession. are you better off buying a european stock or a u.s. company with a lot of leverage to europe. i think you're better off buying u.s. blue chips with exposure to

europe. >> you're not saying go out and buy european banks as much as you say maybe the financials are at play here? >> that's right. for someone who is add vent russ and wants to go to europe, i know our european guy sees huge opportunity there. >> market flash with josh lipton an aig, josh? >> we are watching aig reporting and in the green. let's get to the numbers. after tax operating profit clocks in at a buck 12 per share. that's a beat. the street was looking for 85 cents. revenue at 8.35 billion. appropriate casualty unit reports 1.1 billion but here was the headline. aig reinstating a quartererly dividend of 10 cents a share. aig up more than four percent right now. scott, back to you.

>> karen, we were talking about this back stage before we came out here. this is what people have been waiting for in terms of the dividend. >> this is the quarter that people have been waiting for for aig. even though it's up a few bucks, i wouldn't begin to sell it here. i think it's still at a discount to value. benmosche has done an excellent job here. i would actually think about buying it. >> this is one of those stocks like karen said is cheap. you'll hear a lot of people since we're hitting new records for the s&p say there is nothing cheap in the market. there are still stocks that appear on a relative valuation cheap. this one and apple are near the top of my list. k. fine is riding this and i give her credit. >> a lot of this has been priced up to buy. >> it's still at a discount to book value. if you are thinking the book value isn't real, i actually

think it is. just because it has been cheaper isn't enough for me to -- i'm riding the momentum. >> but, look, to counter that a little bit, the reinstating the dividend, you open up the stock to another class of investors. the buy back fuels maybe a move higher as it has for many of the other companies in some respect fueled by buy backs. >> the reason i asked the question is karen is buying it at a three year high. she tends to be value oriented and maybe not price conscious but value conscious and she rarely in my experience sees a stock like this and buys it at these levels after it's moved so much. it's curious. to me it's a very bullish sign because there is a lot of value in it. >> before we head to break let's check on some of the other after hours movers. mercardo is soaring.

how about weight watchers falling in the extended trade. the company cutting its full year earns guidance. that stock is down 7.5% after hours. motorola unveiling the much hiepd moto x. will it be a hit for consumers. we're going to check it out right here live from the nasdaq after the break. with gains of well over 30% this year could the big runup in shares of michael kors soon be coming to an end. there's a street fight coming your way. to hidden fees. thankfully e-trade has low cost investments and no hidden fees. but, you know, if you're still bent on blowing this fat stack of cash, there's a couple of ways you could do it. ♪ ♪ or just go to e-trade and save it. boom. ♪

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>> welcome back. let's do another market flash now with josh lipton. this time on linked in, another after hours mover. >> reports and keeps trucking higher. epsx items 38 cents beats consensus by 7 cents. revenue jumps to 363.7 member. company said membership growth accelerated to 37%, the first

acceleration since the third quarter of 2011. social network raising its full year revenue targets. that stock up more than 7% in the after hours, about 100 percent now so far this year. scott, back to you. >> doc, you look at the move on the earnings and then you look at the reversal. take me through it. >> monster move. initially it came out and i guess people were saying it missed as far as how high the numbers could be. it broke 200, traded 197. that was four minutes it was underneath that 213 close and turned and burned and got to 220, 230. i think the after hours high is 233 -- let me see. no, 230. so that's a boom to the upside for the folks that had the guts to stick with this one. >> guy, what's the knock on this company? >> that's it. that's where you get yourself in trouble is valuation.

that's where people have gotten themselves in trouble literally for the last $130 now. we've been talking about this being the best play in the social media network. it has been. it's been a tremendous stock. now, the problem is tomorrow people are going to pile on this name at 225 or whatever it is. that's the wrong trade. last quarter had a nice pull back. we talked about it bottoming out around 165. it did. tomorrow is not the day to get into the stock. tomorrow is the day to be taking profits. it will pull back but this continues to be a great story. >> let's talk google with the release of motorola's moto x phone. we have an actual look at the device, john? >> i've got it to prove it here against an iphone 5. you can see the size difference in the phone and the screens. i tell you, you guys have to keep the investors honest on this one. i'll tell you my impressions coming away from this event. it's going to sell for $199 just like your typical high end smart

phone. my real question was is google going to spend the marketing dollars necessary to make this a hit because that's the separating factor now in the market. you see apple and samsung pulling ahead, both spending more than $300 million a year by some counts in the u.s. alone on marketing. the others including htc got a great phone, can't keep up. i'm hearing today that google is going to spend the money. so is that a good thing or not in the near term for investors. >> those are good questions for the traders clearly. it's going to cost a lot of money. motorola, the acquisition hasn't been gang busters for google. is this their last real chance to get it right? >> i think some depends on how much rope investors are willing to give google. motorola lost $342 million last quarter alone. there might be more ahead if they spend the money necessary. arguably they need for motorola

to succeed in order to create a defensive buffer against samsung. if samsung pulled an amazon and do its own android that would be devastating for google. this keeps samsung honest. >> i love google. the way it's come back from the release is pretty important but in the world we live in, do they need to spend money to promote this phone? few people get it. word of mouth, things move extraordinarily quickly. if it's a cool phone people are going to find out in today's world. >> that's a decent argument but you have to look at htc and the ht c1. that phone had some of the best interviews but they were in the toilet because they can't get it out as quickly as they need to. >> look at the samsung ads surrounding the galaxy. they pretty much took apple on head on knocking people in line

that they were in line for the galaxy and not in line for the apple product, right? >> my cousin has a moto razor max. he said why hasn't this phone done better? is there that much that a galaxy can do? my answer is no. the marketing is a whole lot better. >> google, if anyone has money it's google. this would be a gigantic ad budget would be a tiny drop in the bucket for them. why wouldn't they do it? >> they have gone from 20,000 employees at motorola about 13, 14 months ago to around 4600 right now. they're cutting back but at the same time they're building huge headquarters in chicago, losing money on operations. >> and the expenses, every

google earnings report the expenses are one of the things that they criticize most when they rise too much. >> good thing they don't have to answer to the shareholders. if you want to think long term but then on the other hand are you going to feel pain in the near term if you are holding the stock. i don't know but you guys know better than i do. >> john ford, thanks. >> there was a lot of excitement about the phone. looks like it's going to be justified. it's going to hit late august, i think, john, or early september as far as for sale for the rest of us, not for stars like yourself. but i like the form factor on it. i hope apple does that. that is what everybody wants. >> the biggest movers and shakers in today's session and later jcpenney bond selling off on rumors of credit problems. we're going to hear from one guest who says she believes in the turn around story and that the risk in jcpenney is well worth sticking. stick around we're back in two. [ kitt ] you know what's impressive?

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>> a rainy city tonight. let's send it back to hq for a market flash on open table. josh lipton. >> scott, open table reporting and disappointing. eps of 50 cents. that was a beat. revenue in line, the problem, guidance. q 3 looking for eps of 38 to 42 cents. analysts wanted to see 48 cents. guidan guidance also missing, that stock down 7% in the after hours. back to you. >> bk? >> the problem is they have had a lot of competition in this space. we're going to talk about yelp but you have google. that's competition for them as well. the way you trade it, down 7%,

you might want to jump in. look at the 100 day moving average. use that, wait a day or two. if it holds it then you can trade. >> i think this has one of those huge short interests, though. the guidance is pathetic but despite that people are going to be covering. it's basically taking the stock back to unchanged on the day. be aware of that if you are somebody who is short that there is a big short interest out there and a lot of these have bounced fast. >> yelp surging 23% after beating the street's estimates with a smaller than expected loss for the second quarter. yesterday dr. j. predicted the move before the company announced earnings. listen. >> yelp, i like this one. i think it is one of the ways where you really attack mobile. i think these guys are going to do extremely well. the street is looking for a loss

of 4 cents. we could have a surprise there. >> in fact, we did. >> big surprise. >> smaller loss than expected. the shares ripped. >> this is another one of those, the shares ripped because of the big short interest as well. kudos to roger and bono and everyone at elevation partners. this is a heck of a week for them. they have 11.6 million shares, and they had facebook 58 million shares. they're closing in on a billion a week with those two stocks. beaks talked about open table and he's right. za gat was bought by google but they're going to trip advertiser and has found a way to make

money here. >> you're telling me don't shave with a 20 some% gain today? >> if roger and bono were selling you should take profits. otherwise there's room to grow. >> master card continuing gains today after a strong beat the stock hitting all-time highs, karen? >> volatile day yesterday but today seems to be the day where they got a lot of positive feedback on the great earnings call from yesterday. this company is just doing extraordinarily well. we're still seeing growth. we have analysts upgrading which it's funny to me they came out with very different multiples so you have very wide targets. yesterday you had a lot of unsurnt with judge leon. that is problematic over the fees but more for debit card which is why visa was so vastly underperforming. master card maybe had some money to leave visa to play the bigger

macro theme around the world. i like it. >> how about exxon mobile, the worst since 99. >> they've got a lot of money spent on exploration, particularly in russia. the one thing that i thought was interesting about this and use this as the canary in the coal mine. they've used 100% of free cash flow to buy back stock. today they said they're going to cut it down to $3 billion. they don't want to level up their balance sheet anymore. when you look at the s&p 500 as a whole, companies are using about 71% of their cash flow to buy back stocks. so ultimately, eventually you're starting to bump up against that level where companies will have

to lever up in a higher rate environment. exxon, give it a couple days and see if people ignore what happens. >> michael kors set to report before the bell tomorrow -- excuse me, next week on tuesday. shares sitting near all-time highs. can you get in before the big report or is this one high end name that might be coming to the end of its run. we have a street fight next. at cognizant, we help forward-looking companies run better and run different - to give your customers every reason to keep looking for you. so if you're ready to see opportunities and see them through, we say: let's get to work. because the future belongs to those who challenge the present. hooking up the country whelping business run ♪ ♪ build! we're investing big to keep our country in the lead. ♪ load! we keep moving to deliver what you need. and that means growth, lots of cargo

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>> welcome back to "fast money." breaking news now related to bank of america. >> scott, we're getting a quarterly filing from bank of america this evening that goes into detail about some outstanding regulatory risk that could still be forthcoming for the bacnk. boiler plate language has always been in its filing that they're participating with all on going regulatory investigations but then there is a second paragraph that has outlined what could be coming. they detailed four potential additional lawsuits, one from

the doj, one from the new york not guilty and two from the sec. senior staff at each of those agencies has informed the bank that it has recommended filing charges on various claims. the doj has informed the bank that it intends to file civil charges arising from one or two of the company's jumbo prime securitization. the s.e.c. adviced that they recommend civil charges and additionally the s.e.c. adviced that it is considering civil charges against merrill lynch. the new york attorney general advised the company that it intends to recommend filing an action against merrill lynch. the market is going to be very interested in these. the big question mark surrounding the stock is what

legal liability is still outstanding from these issues in the financial crises. is the worst over yet and this is bank america's attempt to say we are disclosing everything that could potentially be material to our stocks, but we also want to let investors know exactly what we know could be coming down the pike. the final question is how much this will cost the bank. of course there's a policy for reserving for legal cost when we know how much they will be. we don't know when it's forthcoming. whether it's weeks or months. we don't know what the tally would be for how much they will cost the bank but it's understood that they will not reserve until they get a better sense of how much it will actually cost. >> let's switch gears and talk about michael kors which is holding its annual shareholder meeting today. 34% gain year-to-date and stock trading at 20 times forward earnings has it gotten too

expensive. guy adami is the bull and john is the bear. >> i don't think it has. they're coming off a quarter where operating margins were through the roof, 26% from last year which were 20%. i think you're going to continue to see margin improvement and continue to grow. they are going to have 400 new stores in morth america alone by the ends of 2014. you're seeing similar growth in europe which they thought was a disaster. they thought they were only going to grow by 100 stores. it's going to be 200. valuation seems rich at 21 times forward earnings when compared to a coach. if you compare to a more mature stock and a more mature company like ralph lauren i think it's cheaper. i think the stock goes higher and they're going to smoke earnings. >> i think guy is smoking something if they thinks they're going to smoke earnings. they are flat. that's not going to be a big help to them here.

also take a look at things like they don't even run their own website. neiman marcus does. that's not a good thing. coach, sales down 6%. these guys are in the same space with lower margins than coach. stock is at an all-time high. i grant you that. it's been a nice run. >> we can argue whether coach is good or not. if it is that's a fair point. those were all the same arguments we made last quarter and last quarter was outrage slee good. none of the things that i've read indicate it's going to be a terrible quarter. i think it's going to be stronger and the values is not as rich as people think. >> shorts have covered. it was up in the double digits. it's down to three. >> karen finerman, who made the more compelling argument here? >> i got to go with the bear case. i can't get on board here at this valuation sadly. i sold it so early that now i'm

just bitter. >> tell us who you think won the street fight. tweet us at cnbc "fast money," use the hashtag bull or the hashtag bear and we're going to give you the results at the end of the show. let's talk jcpenney, taking a hit over the last 12 hours or so an rumored credit problems, the retailer seeing a selloff in stock and bonds on that news but both bounced back after the retailer said the reports were false. for more let's bring in angela dearing, manager director at the sea port group. what's the real story? >> first of all i'd like to say this is an exciting time for the high yield bond market. we have tremendous growth in the high yield etf. this is becoming a very tradeable, charitable instrument for the investor at home. it's an interesting time for people to use this as an indicator for the underlying equity price. in terms of the bond market price action, we did experience

some volatility in the bonds but this is certainly not unchartered territory for a company that is experiencing a turn around. specifically, our bonds -- we have a bench mark bond in the 2020 maturity. this particular bond did drop from 9.5% to 10 and three quarters percent yield after the news. this morning when we walked in and jcpenney did have a press release on the tape we did rally back to the 10 percent yield. this is not unchartered territory for a turn around story. >> you would own the bonds? >> from the credit market perspective we have a very different take on things. we care about cash flows. in terms of jcpenney coming out on the tape and saying we're going to have $1.5 million worth of cash at the end of the quarter, that's a very important thing for us in terms of whether we're going to get our money back from a lender perspective. >> karen? >> we had an interesting conversation about this yesterday. we were short the bonds.

we covered. i don't like the equity from here but the bonds are so much smarter. i would stay away from the equity. >> angela, thank you for coming? >> sure. >> anybody like jcpenney shares here? >> no. i think the only way this survives is ultimately they sell off half of what they are to somebody. it's not the same real estate play as hudson bay made with saks because these aren't high end stores? >> you don't thinkalm they can orchestrate a turn around? >> no. >> it's just about the trade, right. i think you've seen the stock trade over 50 million shares over the last two days which is tremendous volume for the name. the bonds seem to be coming back to normalcy. i think you can trade from the long side and the same trade existed if you look back in march and we flagged it here.

i don't think the company is going to get healthy but i think the stock is healthy in the long side. >> retail shares of the gap hitting a 13-year high today. options traders seeing more upside in that name. mike khouw? >> the activity we saw today was similar to what we've seen in a lot of these other stories where stocks are approaching 52-week highs or getting farrell close to all-time highs. we are seeing people not willing to commit new capital so instead they're buying short dated call options in the case of gap, they were buying 46.5 calls. these are essentially a cheap way to make a bet that the stock will continue to rally by at least the amount of premium they're spending which is 90 cents. targeting about 47.5 bucks by the end of the week. >> why a slow economy might be a good thing for first time home buyers. weight watchers getting hammered.

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weight watchers losing ground in the after hours rapidly here. the outlook comes in light. looking for full year eps of 355 to 370. the street looking for 372. the ceo is stepping down to pursue other opportunities. been with the company 14 years and says now is the time to embark on something new, the president and coo james chambers will step into that role. the stock down more than 16% right now in the after hours. scott, back to you. >> karen? >> nothing has been going right for them since they hired jessica simpson and she got pregnant. that's difficult when your spokes model is pregnant. they had a bad first quarter. this obviously not good either. if it comes another buck or two it's worth another shot. it's a very, very powerful franchise. >> tight credit, rising interest rates mean concerns could be keeping first time home buyers

on the side lines. but with the fed holding interest rates at historic lows could this be the boost they need to get into the market. let's bring in danny babs ceo of a real estate consulting firm and works as a consultant for the national association of realtors. welcome. >> thank you. >> what's your outlook? we were talking at the top of the show, the ten year at 270. rates may be on the way back up again as the fed tries to taper in the next 30 to 45 days or so. >> sure. four and a third to four and a half for the foreseeable future in terms of the fixed interest rate. this market is dependent on first time home buyers. they've represented about 28% of sales in the last year. in a healthy market it's about 40% so it certainly is putting a dam per on home sales. i think it's a positive thing and i'm concerned about first time buyers jumping into the market. >> why?

>> i think we have a bubble in the making. we're seeing numbers reminiscent of 2005 and 2006. concerned about the ability to maintain the price momentum we've seen over the last year that's largely been driven by very low interest rates. we had a bubble driven by easy credit. >> let me ask you something. obviously with rates higher the affordability moves somewhat but it's still relatively low. how do you factor that? >> we still have unemployment at about 7.5%. the meade is looking for 6.5. we've a median price that's grown since 2005. if all other factors are consistent and we expect gains of maybe one to three years we could see prices back where they

were again. we're seeing that in miami, boston, california, we have 65% of purchases made in cash by investors. for example, the south beach and miami markets are heavily overheated and in price wars an average of 10 to 15% over asking price for purchases. >> danny, thanks. doc, i know you're looking at some names. >> i think a lot of folks miss when you are looking at the real estate and they want to go after mass co or toll brothers and so forth. truly ya blew out top line bomb line last night. they're through the roof up 49, 50% year over year, 35 million people a month going on that site. that's huge. that why this thing has momentum. up 130% year-to-date. look at zil low and we both

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>> we've tallied the results. yes, the people have spoken and you said that john won the

debate on kors. boo hoo. >> thank you, good choice. >> really good debate. >> it was a spirited debate. >> tomorrow is a big day, jobs date, right? >> yeah. that will be a big one and i think we've got bigger ones coming our way, too, in september. >> you tweet it, we trade it. let's get to your tweets. john, long black stone? >> yes. love them. i think that any dips of these fig didn't do quite as well but i like them a lot. >> guy, year end s&p projection on a day when we had tom lee from jpmorgan talk about his projection of 1775. >> i don't know if it gets there. i think we get between 17 0, 1750. year end 1625, 1650. 1635. how is that? >> we'll hold you to that. bk, blackberry's balance sheet?

>> they got no respect and frankly it's because of the management team. they have a lot of things there. great software, great balance sheet but they get no respect. >> quick final my mission is simple, to make you money. i'm here to level the playing field for all investors. there's always a bull market somewhere and i promise to help you find it. "mad money" starts now. hey, i'm cramer! welcome to "mad money." welcome to cramerica. i'm just trying make you a little money. my job is not just to entertain you but to educate you, too. call me at 1-800-743-cnbc. unless you're a bowler, you have no idea what the heck it means